More and More People Want to Pay With Crypto

According to the recent “The Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option” report published by Pymnts and Bitpay, consumers are increasingly interested in using cryptocurrencies for payments.

The report details:

“The report analyzes a census-balanced survey of 8,008 U.S. consumers who were current and former cryptocurrency owners and cryptocurrency nonowners between Feb. 8 and Feb. 23, 2021.

Interest in cryptocurrency is gaining mainstream traction among consumers who would like to use it for purchases.”

According to the study results 93% of crypto users would consider making purchases with cryptocurrency in the future. And more interestingly, 59% of those who have never held crypto are interested in using it to make purchases in the future.

Two out of three of the users who have held cryptocurrencies purchased them to make transactions as an alternative payment method to cash or cards.

The report explains:

“Holders and non-holders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments.

Reasons for interest vary depending on the transactions. Its potential to eliminate middlemen can explain the interest in using cryptocurrency for real estate purchases, for example, while the possibility of more secure and private transactions motivates purchases in the financial services or e-commerce sectors.”

In addition, 59% of current or former crypto holders would be “very” or “extremely” interested in using cryptocurrency as a payment method if it meant they could obtain discounts.

Source: US Survey: Crypto Gaining Mainstream Traction As A Payment Option – Fintechs.fi